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INVACARE ANNOUNCES HIGHEST QUARTERLY SALES AND EARNINGS IN COMPANY'S HISTORY

 INVACARE ANNOUNCES HIGHEST QUARTERLY SALES AND EARNINGS
 IN COMPANY'S HISTORY
 ELYRIA, Ohio, Oct. 22 /PRNewswire/ -- Invacare Corporation (NASDAQ/NMS: IVCR) today announced record net sales, net earnings and earnings per share for the third quarter ending Sept. 30, 1992, which were also records for any quarterly period in the company's history.
 Net earnings in the quarter increased 19 percent over the same period a year ago to $5.0 million from $4.2 million. Earnings per share grew at 20 percent in the quarter to 36 cents from 30 cents per share. This was the tenth consecutive quarter of year-to-year improvement in earnings. A. Malachi Mixon III, Invacare's chairman, president and chief executive officer, noted that net earnings benefited primarily from stronger sales volume. Net sales for the quarter increased to $79.7 million from $67.5 million in the same period a year ago. The 18 percent growth was the second consecutive period of an accelerating trend in net sales on a year-to-year basis as the company's domestic business continues to strengthen. This was also the 28th consecutive quarter of year-to-year increases in net sales.
 Earnings in the nine month period were $11.7 million, up 25 percent from $9.3 million recorded in the corresponding period a year ago. On a per-share basis, earnings increased 15 percent to 82 cents from 71 cents. Earnings per share grew at a lower rate than net earnings, because of the increased number of shares outstanding from the company's successful two million share offering in May 1991. Net sales in the nine month period rose 13 percent above last year's result of $192.4 million to $217.4 million.
 Mixon stated that as the company had expected, business momentum continued to build as dealers have apparently completed their inventory adjustments to reflect Medicare OBRA '90 reimbursement changes. "Domestic sales growth rebounded to a more normal rate during the quarter. Strong sales gains were also made in foreign markets, which hold considerable opportunities for growth.
 "Business conditions have improved steadily through the year, and the outlook for the fourth quarter is excellent," stated Mixon. "Historically, the fourth quarter is seasonally the strongest period for Invacare. We will be introducing several new and innovative products in our core product lines next month at the home medical equipment industry's annual trade show, which are expected to further solidify Invacare's leadership position."
 Mixon continued, "As we look beyond 1992, which should produce record sales and earnings based on current trends, our financial growth should gain momentum given our expanding worldwide dealer network, the high acceptance of our products introduced over the past two years, the breadth of our product offerings and the introduction of new products during 1993, including a full line of liquid oxygen products.
 "The acquisition of Poirier S.A., France's largest manufacturer and distributor of home medical equipment, has solidified Invacare's position as the largest home medical equipment manufacturer in the world and enhances the company's long-term growth prospects," added Mixon. "The acquisition, which was completed this month, will have a nominal impact on financial results this year but is expected to make a significant contribution in the future."
 Invacare manufactures and distributes prescription power and manual wheelchairs, standard wheelchairs, respiratory equipment, hospital-type beds for the home, patient aids, motorized scooters and other home healthcare and extended care equipment. With annual sales in 1991 of $263 million, Invacare is headquartered in Elyria, Ohio. Manufacturing locations now include Ohio, Florida, Texas, California, Canada, Mexico, Great Britain, Germany and France. Products are distributed through a worldwide network of more than 10,000 medical equipment dealer locations.
 INVACARE CORPORATION AND SUBSIDIARIES
 Condensed Consolidated Balance Sheet - (unaudited)
 September 30, December 31,
 1992 1991
 (In thousands)
 ASSETS
 CURRENT ASSETS
 Cash and cash equivalents $ 472 $1,472
 Marketable securities 2,515 1,723
 Trade receivables, net 59,876 51,006
 Investment in installment receivables, net 17,431 13,972
 Inventories 44,199 42,217
 Other current assets 9,509 9,424
 TOTAL CURRENT ASSETS 134,002 119,814
 OTHER ASSETS 16,196 7,275
 PROPERTY AND EQUIPMENT, NET 44,184 35,260
 TOTAL ASSETS $194,382 $162,349
 LIABILITIES AND SHAREHOLDERS' EQUITY
 CURRENT LIABILITIES
 Accounts payable $17,708 $15,947
 Accrued expenses 25,329 25,213
 Current maturities of long-term
 obligations 15,522 896
 TOTAL CURRENT LIABILITIES 58,559 42,056
 LONG-TERM OBLIGATIONS 36,177 33,583
 SHAREHOLDERS' EQUITY
 Preferred shares -0- -0-
 Common shares 4,551 4,522
 Class B common shares 2,307 2,323
 Additional paid-in-capital 45,997 45,728
 Retained earnings 45,020 33,393
 Foreign currency translation adjustment 2,168 1,294
 Treasury Stock (397) (550)
 TOTAL SHAREHOLDERS' EQUITY 99,646 86,710
 TOTAL LIABILITIES
 AND SHAREHOLDERS' EQUITY $194,382 $162,349
 INVACARE CORPORATION AND SUBSIDIARIES
 Condensed Consolidated Statement of Earnings -- (unaudited)
 Three Months Ended Nine Months Ended
 September 30, September 30,
 1992 1991 1992 1991
 (in thousands, except per share data)
 Net sales $79,694 $67,510 $217,417 $192,374
 Cost of products sold 54,388 46,036 148,829 131,638
 GROSS PROFIT 25,306 21,474 68,588 60,736
 Selling, general and
 administrative expenses 17,730 14,840 50,375 44,555
 INCOME FROM OPERATIONS 7,576 6,634 18,213 16,181
 Interest income 1,183 945 3,194 2,557
 Interest expense (1,161) (879) (3,233) (3,430)
 EARNINGS BEFORE INCOME
 TAXES 7,598 6,700 18,174 15,308
 Income taxes 2,575 2,479 6,547 6,036
 NET EARNINGS $5,023 $4,221 $11,627 $9,272
 NET EARNINGS PER SHARE $.36 $.30 $.82 $.71
 Weighted average shares
 outstanding 14,110 14,305 14,116 13,137
 -0- 10/22/92
 /CONTACT: Gerald Blouch (investor) of Invacare, 216-329-6190; or Stanley Berger or Douglas A. Fox (media), both of SM Berger & Co., 216-464-6400, for Invacare/
 (IVCR) CO: Invacare Corporation ST: Ohio IN: MTC SU: ERN


KK -- CL004 -- 3389 10/22/92 09:55 EDT
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Date:Oct 22, 1992
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